Oracle to buy Acme Packet for $1.7 billion
Redwood Shores, Calif. — Oracle Corp. said on Monday it has agreed to buy Acme Packet for $29.25 per share or approximately $1.7 billion, net of Acme Packet’s cash.
Acme Packet, which is based in Bedford, Mass., makes networking equipment that allows customers to deliver voice, video and data across Internet networks for tasks such as video conferencing.
“The addition of Acme Packet to Oracle’s leading communications portfolio will enable service providers and enterprises to deliver innovative solutions that will change the way we interact, conduct commerce, deliver health care, secure our homes and much more,” said Mark Hurd, president, Oracle, in a statement.
The companies noted the deal will "accelerate the migration to all-IP networks by enabling secure and reliable communications from any device, across any network."
Duncan takes the reins at Supervalu
Minneapolis — Supervalu on Monday announced that Sam K. Duncan will become president and CEO, effective immediately. He succeeds Wayne Sales, who has served as the company’s president and CEO since July 2012.
Last month, Supervalu announced an agreement with AB Acquisition LLC to sell five of its retail banners, as well as enter into an agreement with Symphony Investors LLC to conduct a tender offer for up to 30% of Supervalu’s outstanding common stock. Both AB Acquisition LLC and Symphony Investors LLC are Cerberus Capital Management-led entities. The retailer had previously announced that Duncan would assume the role of president and chief executive officer upon closing of the transaction.
“Following January’s announcement, I have visited stores, spoken with many of our independent retailers and Save-a-Lot licensees, and met many team members,” Duncan said. “These activities have reinforced my belief that Supervalu has a bright future; and I’m excited to start putting in place plans to improve our results and increase shareholder value.”
Duncan, 61, most recently served from 2005-2011 as chairman, CEO and president of OfficeMax.
Former Coach exec gets foot in Nine West
NEW YORK — The Jones Group Inc. has appointed Joseph Stafiniak to the newly created position of SVP merchandising of Nine West, effective immediately. In this role, Stafiniak will operate as the lead merchant for Nine West overseeing merchandising strategies and the execution of product to meet the expanding needs of the brand’s global business. He will report to Kathy Nedorostek, group president of global footwear and accessories.
"Nine West is the ultimate resource for women seeking great footwear of all styles, and we remain focused on continuing to grow the business and further expanding our product offerings through the addition of exceptional talent like Joseph," said Kathy Nedorostek, group president of global footwear and accessories. "Joseph is a highly respected industry executive with a unique ability to work in tandem with both design and retail to deliver product that resonates with consumers, and we are excited to welcome him to Nine West."
"I look forward to working with the accomplished management team at The Jones Group," said Stafiniak. "Nine West is a highly respected brand with terrific recognition among consumers and tremendous growth potential worldwide in footwear and all accessory categories."
Stafiniak joins The Jones Group from Coach Inc. where he served as the SVP licensed categories since 2007. In that position, he oversaw all aspects of licensing and merchandising for the footwear, watches, eyewear and fragrance categories. He previously held the position of VP general manager of footwear for Coach Inc., in which he was responsible for all areas of footwear including merchandising, product development, design and production.
Previously, Stafiniak held senior merchandising and design roles with Ralph Lauren Footwear, Giorgio Armani, and cK Calvin Klein. Prior to his work in merchandising and design, Stafiniak served as Vice President of Sales and Marketing for the cK Calvin Klein Shoes & Bags division of Nine West Group where he played a key role in its launch. Stafiniak has also served as President of Anne Klein Collection.